An RBA Director has come out today and said they would have hiked but for concerns about the offshore environment. That is, it had nothing to do with the next CPI print. It seems like the RBA are being spooked by GFC Mk II and their failure to see GFC Mk I. From Dow Jones:
"Australia's central bank still has a bias toward raising interest rates but will need to be more confident that the global economy will hold up before it tightens further, a policy board member said Wednesday. The remarks by Graham Kraehe, who is also a high-profile corporate leader, show that caution about the outlook for global growth is at the fore of the Reserve Bank of Australia's thinking.
"The message that we put out in the announcement was pretty clear, that there is a bias towards tightening but there is a risk of an adjustment overseas, and we want to be pretty sure about that," Kraehe told Dow Jones Newswires in an interview."
